Quantum Computing Inc., an innovative company specializing in integrated photonics and quantum optics technology, has announced a registered direct offering of $40 million priced at-the-market under Nasdaq rules. The company will sell 16 million shares of common stock at $2.50 per share, resulting in gross proceeds of $40 million before deducting placement agent commissions and other offering expenses.
The net proceeds from the offering will be used for debt repayment, working capital, and general corporate purposes. Titan Partners Group, a division of American Capital Partners, is acting as the sole placement agent for the offering. Quantum Computing Inc.’s products are designed to operate at room temperature and low power at an affordable cost, offering high-performance computing, artificial intelligence, cybersecurity, and remote sensing applications capabilities.
Quantum Computing Inc. Secures $40 Million Funding for Growth and Development
Quantum Computing Inc. (QCi), a pioneering company in integrated photonics and quantum optics technology, has announced a significant milestone in its growth journey. The company has entered into a securities purchase agreement to raise $40 million through a registered direct offering of 16,000,000 shares of common stock at a purchase price of $2.50 per share. This funding is expected to be crucial in driving QCi’s business forward, with the net proceeds earmarked for debt repayment, working capital, and general corporate purposes.
The successful completion of this funding round is a testament to QCi’s innovative approach to quantum computing, which focuses on developing accessible and affordable quantum machines that can operate at room temperature and low power. The company’s portfolio of core technology and products offers distinctive capabilities in high-performance computing, artificial intelligence, cybersecurity, and remote sensing applications.
Funding to Support Business Growth and Development
The $40 million funding secured by QCi is expected to significantly impact the company’s growth trajectory. The net proceeds from the offering will be used to repay debt, providing QCi with greater financial flexibility to invest in its business. Additionally, the funding will support working capital requirements, enabling the company to continue to drive innovation and development in its core technology areas.
QCi has also highlighted general corporate purposes as a key area of focus for the funding. This could include investments in expanding the company’s team, enhancing its operational infrastructure, and pursuing strategic partnerships and collaborations. By supporting these initiatives, the funding is expected to play a critical role in driving QCi’s long-term growth and success.
Titan Partners Group, a division of American Capital Partners, has acted as the sole placement agent for the offering. The company’s expertise in facilitating complex financial transactions has been instrumental in supporting QCi’s funding goals. With its extensive network and experience in the capital markets, Titan Partners Group has played a vital role in connecting QCi with investors and securing the necessary funding to drive the company’s growth forward.
The offering of 16,000,000 shares of common stock at a purchase price of $2.50 per share is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-268064) previously filed with the U.S. Securities and Exchange Commission (SEC). The SEC declared the registration statement effective on November 8, 2022. A prospectus supplement will be filed with the SEC and will be available on the SEC’s website.
In conclusion, Quantum Computing Inc.’s successful funding round marks a significant milestone in the company’s growth journey. The $40 million secured will play a critical role in driving business forward, with a focus on debt repayment, working capital, and general corporate purposes. As QCi continues to innovate and develop its core technology areas, this funding is expected to have a lasting impact on the company’s long-term success.
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